The National Company Law Tribunal (NCLT) approved the resolution plan for bankrupt firm Amtek Auto, submitted yesterday by US-based hedge fund Deccan Value Investors LP (DVIL), the India Times reported. This brought to a close the three-year old case after the Supreme Court (SC) in June, refused to give more time for DVIL to assess the impact of the economic contraction caused by the pandemic. A two-judge bench headed by Justice Ajay Kumar Vatsavayi passed the order, which as per the law, provides DVIL with 30 days to complete the payments.

China’s aviation industry sank further into the red, losing 34.25 billion yuan ($4.89 billion) in the second quarter, only slightly narrower than in the first quarter, underlining the colossal financial impact from the coronavirus pandemic, Reuters reported.

V2 Retail has settled its payment-related dispute with an operational creditor and expects to come out of the insolvency proceedings, according to Ram Chandra Agarwal, the Chairman of the suspended board of the company, IndiaRetailing.com reported. V2 Retail has made payment to the operational creditor, which had dragged it to NCLT, he said.

Bankruptcies among Japanese companies in the first half of the year rose for the first time in 11 years due partly to the coronavirus pandemic which has hit hotel and restaurant businesses, according to data compiled by a research firm. Tokyo Shoko Research, which tracks Japanese bankruptcies, said there were 4,001 cases in the six months through June, up 0.2 percent from a year earlier. Among them, 240 firms went bankrupt due to the coronavirus pandemic, the research firm said.

Refinancing pressure is mounting at China’s industrial firms following unprecedented pandemic-induced shocks to the sector and a dearth of bond issuance in the past three months, Bloomberg News reported. Offshore bond sales from high-yield energy and other industrial companies hit a two-year low in the first half of 2020, with no sales from April to June, according to Bloomberg-compiled data. It couldn’t have come at a worse time for them as $3.1 billion of bonds, or more than a quarter of their debt, need to be repaid or refinanced over the next 12 months, the data show.

Next year is going to be a "watershed year" for business failures an insolvency expert is predicting, unless companies can come up with a plan now to get out of debt and survive, the New Zealand Herald reported. John Fisk, national leader of restructuring for PwC and chair of the Restructuring Insolvency and Turnaround Association New Zealand, said that insolvency applications had come down significantly under lockdown but massive amounts of government subsidies meant many businesses weren't addressing the underlying issues related to debt.

Fashion brands and retailers re-opening around the world to patchy demand, and carrying unsold stock from spring have cut fall orders by as much as two-thirds in moves spelling more pain for Asian suppliers, Reuters reported. With shoppers still wary of catching the coronavirus at stores, retailers are leaving buying decisions to the last minute and planning on selling all-season basics such as men’s chinos and t-shirts leftover from spring through into fall. “We don’t think orders for clothing will pick up anytime soon.

An investigation into the accounting misdeeds at Luckin Coffee Inc. has concluded that the company’s chairman knew—or should have known—about the fabricated transactions that inflated the Chinese coffee chain’s sales last year, the Wall Street Journal reported. A report detailing the internal probe also said that Charles Lu, Luckin’s co-founder and chairman, didn’t fully cooperate with the investigation. The monthslong probe was conducted by a special committee of Luckin’s board with the assistance of law firm Kirkland & Ellis LLP.

Indian conglomerate Bharti Enterprises is backing a bid for collapsed SoftBank-backed satellite operator OneWeb, two sources said, in a consortium that is supported by the British government, Reuters reported. OneWeb filed for Chapter 11 bankruptcy at the end of March after its biggest investor SoftBank Group Corp pulled funding, with an auction for the startup due to start on Thursday. London-based investment firm Unbound is run by the son of Indian telecoms tycoon Sunil Bharti Mittal, whose interests include telecoms and real estate.

Japan’s industrial output fell for a fourth straight month in May to the lowest level since the global financial crisis and the jobless rate hit a three-year high, underscoring the broad economic pain caused by the coronavirus, Reuters reported. The world’s third-largest economy is bracing for its worst postwar recession, hurt by coronavirus lockdown measures at home and overseas that have upended supply chains, kept businesses shut and depressed consumer spending.